Issue 19-04 Price of New Housing

January 10, 2019

The cost of new housing in the province’s capital city was higher in November than in the same month of 2017. The 1.0% increase in Victoria was the result of a climb in both housing prices (+1.2%), and land value (+0.6%). By comparison, the New Housing Price Index (NHPI) in Vancouver (+0.1%) and Kelowna (+0.0%) was flat, reflecting relatively unchanged housing costs and very slight increases in land values for both cities.

Although new housing prices advanced in 18 of Canada’s 27 metropolitan areas, the national NHPI was virtually unchanged in the twelve-month period ending in November. With a 4.9% increase over November of 2017, Ottawa led the way, followed by London (+3.6%).

Data Source: Statistics Canada